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1.
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Cryptocurrencies have which characteristic? |
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Controlled Supply |
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Privacy |
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Decentralization |
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All of the above |
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2.
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How can you best describe cryptocurrency?
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Cash for internet transactions |
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A new form of money |
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Payment network for the internet |
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All of the above |
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3.
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Cryptocurrency is? |
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Regulated by the government |
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Verified by the banking system |
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Designed so that no trust is needed |
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A new world currency |
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4.
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You need a password to unlock your cryptocurrency wallet. |
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True |
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False |
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5.
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Solving the potential problem of double payment (duplicate transactions using the same unit of cryptocurrency) is the primary factor that makes cryptocurrency possible.
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True |
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False |
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6.
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The fundamental characteristics of Cryptocurrency are: |
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Valuable, Free, Interchangable, Verifiable and Unlimited |
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Decentralization, Privacy, Unlimited Transactions, Controlled Supply, and Transparent |
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Privacy, Decentralized, Unlimited Transactions,Transparent and Governed |
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Digital, Controlled Supply, Privacy, Decentralized and Transparent |
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7.
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Cryptocurrencies have been around since? |
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1970 |
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1980 |
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1990 |
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2000 |
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2010 |
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8.
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Coin miners mine the metal used to make Bitcoins and other cryptocurrencies?
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True |
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False |
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9.
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Virtual currency and Digital currency both are forms of Cryptocurrency. |
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True |
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False |
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10.
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Cryptocurrency can be best described as: |
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A new form of money |
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Payment network for the internet |
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Currency for internet transactions |
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Programmable Money |
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All of the above |
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11.
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Which of the following attributes could NOT be used to describe cryptocurrencies?
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They use a decentralized control system |
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Users can mostly remain anonymous |
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Transaction fees are very low |
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They cannot be used in international transactions |
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They can all be used |
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12.
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Which of the following statements could NOT be used to describe cryptocurrencies? |
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They cannot be used in international transactions |
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Transaction fees are very low |
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They use a decentralized control system |
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Users can remain anonymous |
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All statements can be used to describe cryptocurrencies |
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13.
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One significant difference between credit card transaction fee's and payments made using a cryptocurrency is that the credit card fee's are generally much greater. |
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True |
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False |
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14.
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Compared to credit card transactions, payments made using a cryptocurrency incur larger merchant and transaction fees.
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True |
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False |
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15.
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Cryptocurrencies receive their value in all of the following ways except _____________. |
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A cryptocurrency's price is determined by the FOREX (Foreign Exchange Currency Market). |
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Each cryptocurrency has a value based on its confinence in the open exchange market for cryptocurrencies |
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There is a perceived value based on the buyer’s confidence in its growth potential |
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Since the supply is ultimately fixed and has limited availability, the price is primarily a function of demand. |
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16.
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The Solving of which problem was the primary factor that made cryptocurrency possible. |
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Tracking a transaction |
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Verifying a transaction |
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Verifying the currency's origin |
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Verifying that the currency is legitinate |
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Preventing double spending |
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17.
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What is the maximum number of bitcoins that will ever be issued?
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99 Million |
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56 Million |
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21 Million |
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17 Million |
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10 Million |
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18.
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All Cryptocurrency coins have the same value. |
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True |
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False |
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19.
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Who in the United States is charged with monitoring cryptocurrencies? |
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The department of justice |
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The US treasury |
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The Federal Reserve |
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US Commodity Futures Trading Commission |
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20.
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Payments of cryptocurrencies can be denominated in fractional amounts; prices need not be quoted in whole numbers.
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True |
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False |
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21.
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In August of 2013 the US Senate Committee studying cryptocurrencies asked which of the following agencies for information? |
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Homeland Security |
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Federal Reserve |
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CIA |
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FBI |
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All of the above |
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22.
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The US Commodity Futures Trading Commission has already drafted regulations for cryptocurrencies. |
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True |
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False |
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23.
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It is possible that All Cryptocurrency coins can have the same value.
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True |
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False |
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24.
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All of the following are types of cryptocurrency wallets except __________ . |
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Software |
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Hardware |
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Mobile |
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Biometric |
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Paper |
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25.
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Cloud hosted wallets can be accessed from anywhere on the Internet. |
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True |
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False |
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26.
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"Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it!" is a statement made by which of the following? |
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Thomas Jefferson |
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Benjamin Franklin |
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Albert Einstein |
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Warren Buffet |
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Bill Gates |
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27.
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Cryptocurrency wallets have which of the following attributes? |
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They have QR code scanning capabilities |
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They have graphs, charts, and statistics |
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They allow you to balance your accounts and make transactions |
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1 and 3 but NOT 2 |
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All of the above |
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28.
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What would likely have happened had cryptocurrencies been introduced in the 1970's? |
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There would be many more millionaires |
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We would not have experienced the 2008 financial crisis |
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Bitcoin would have replaced several traditional currencies |
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Cryptocurrencies would have likely failed |
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1 and 2 and 3 |
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29.
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Before you can acquire any cryptocurrency you must first ___________. |
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Have a bank account |
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Register with the US Treasury |
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Have a cryptocurrency wallet |
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Get a note from your mother |
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1 and 2 and 3 |
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30.
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You can buy Cryptocurrency from everyone except __________ . |
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An individual that has cryptocurrency to sell |
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A business that has cryptocurrency to sell |
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A cryptocurrency ATM machine |
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Any bank |
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A Cryptocurrency exchange |
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31.
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Some of the advantages for merchants in accepting cryptocurrencies are _____________. |
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Lower tranaction processing fees than credit cards |
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No charge backs |
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Funds are transferred almost instantly |
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Cryptocurrencies work almost like "electronic" cash |
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All of the above |
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32.
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Once you have purchased your Cryptocurrency, which of the following will apply |
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The amount that you purchased will show up in tour bank account. |
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The company or person that you made the purchase from will send you a receipt. |
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You cryptocurrency will be shipped to you |
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Your currency will show up in your cryptocurrency wallet |
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None of the above |
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33.
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Complete the following with the most true statement. You must _____________. |
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have a license with the SEC to sell cryptocurrencies |
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be registered with the IRS to buy any cryptocurrency |
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have a computer to buy or sell cryptocurrencies |
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All of the above are required |
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None of the above are required |
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34.
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Cryptocurrencies can be bought AND sold or purchases made using which if any of the following methods. |
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face-to-face with individuals using computers or mobile devises |
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long distance with companies using computers or mobile devises |
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long distance with individuals or companies using FEDEX, UPS or USPS |
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1 and 2 but NOT 3 |
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All of the above |
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35.
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When you use the direct trade option which of the following, if any, are NOT true> |
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You can post an offer to sell your cryptocurrency on a trading site. |
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The website will notify you when a buyer wants to trade with you |
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You must register with the trading site and provide information to verify your identity. |
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You transfer your currency to the trader and let them trade for you |
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None of the above are NOT true |
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36.
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The markets require more proof of identity information from the Sellers of Cryptocurrency than from the
buyers. |
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True |
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False |
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37.
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Keeping all my cryptocurrencies on an exchange's website is as safe as keeping it in the bank. |
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True |
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False |
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38.
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Cryptocurrency transactions are as easy as sending an email. |
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True |
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False |
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39.
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If Alice sends some bitcoins to Bob, that transaction will have three pieces of information. The three pieces of information are _________. |
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An input, a code, and directions |
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An input, an amount, and output |
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An input, a timeline, and restrictions |
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An input, an address, and a message |
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40.
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To send cryptocurrencies you need which two things? |
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A Cryptocurrency address, and a private key |
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The dollar amount, and instructions |
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Country of origin, and who's sending it |
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A mailing address, and the person’s name receiving it |
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41.
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Every cryptocurrency transaction has an independent and separate signature |
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True |
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False |
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42.
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Cryptocurrency addresses can be used in which of the following: |
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On a mobile device |
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On a computer |
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Online |
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1 and 2 but NOT 3 |
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All of the above |
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43.
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A technology patented in 1984 that provides identification of users by means of the combination of two different components is called __________. |
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Two Step Verification |
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Dual Password Protection |
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Two Factor Authorization |
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Dual Verification |
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Two Factor Security |
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44.
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Which of the following statements, if any, are true about cryptocurrencies? |
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There are no chargebacks |
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Transactions occur almost instantly |
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Cryptocurrencies have a push payment system |
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None of the above |
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All of the above |
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45.
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a permissionless distributed database based on the bitcoin protocol that maintains a continuously growing list of transactional data records hardened against tampering and revision id called the __________. |
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Block data system |
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Block protocol |
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Block Ledger |
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Blockchain |
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None of the above |
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46.
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Which of the following statements,if any, defines mining of cryptocurrencies ______________. |
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1) a process that adds transactions to the public ledger |
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2) a process that verifies transactions in the public ledger |
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3) a process that generates proof-of-work currencies like bitcoin |
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4) a process that generates proof-of-stake currencies |
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1, 2 and 3 |
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1, 2 and 4 |
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All of the above |
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None of the above |
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47.
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Hashcash is described as: __________________________ |
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1) a confirmation method |
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2) was first used to prevent email spam |
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3) a part of the blockchain confirmation procedure |
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1 and 3 but NOT 2 |
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All of the above |
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48.
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Currently all cryptocurrencies are produced by either the proof-of-work method or the proof-of-stake method. |
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True |
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False |
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49.
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Someone mining cryptocurrencies as an individual on his/her own computer ls called _____________. |
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Individual mining |
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Solo mining |
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Single source mining |
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Single computer mining |
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50.
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It is easy to get rich mining cryptocurrencies. |
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True |
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False |
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51.
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Some ways to protect and secure your cryptocurrencies are ____________. |
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1) Use an offline or downloaded wallet |
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2) Encrypt your downloaded wallet |
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3) Use a paper wallet |
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4) keep a back up of you wallet |
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5) Keep safe and do not share your keys or passwords |
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Only #3 is not true |
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All of the above are true |
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52.
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Since cryptocurrency transactions cannot be reversed like credit cards, this makes the transactions much like "electronic" cash. |
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True |
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False |
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53.
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Which of the following statements about Satoshi Nakamoto,if any, are true. Satoshi Nakamoto is _____________. |
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1) a man |
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2) a woman |
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3) a group of people |
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4) the name that has been given credit for developing the Bitcoin protocol |
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All of the above |
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54.
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The first release of the Bitcoin protocol software was in ___________. |
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1980 |
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2008 |
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2009 |
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2010 |
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2011 |
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55.
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MONEY and CURRENCY share all of the same characteristics except one. From the list below select the one characteristic that is unique to MONEY. |
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A medium of exchange |
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A unit of measure |
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Portable |
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Durable |
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Fungible |
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A store of value over time |
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56.
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When rulers or governments debase their currency or print more currency, which of the following
results? |
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1) Prices rise |
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2) Wealth is transferred from the public to the government |
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3) The value of the currency is reduced |
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4) The currency supply is reduced |
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Only 2 and 3 Result |
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Only 1 and 4 Result |
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Only 4 does NOT Result |
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All Result |
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57.
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Historically, ALL fiat currencies have failed end have returned to a zero value |
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True |
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False |
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58.
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A very important characteristic of both MONEY (and CURRENCY) that is necessary for it to be a
medium of exchange and unit of account is its ability to exist in equal units of value. That is a "dollar" in your
pocket equals a "dollar" in someone else's pocket. This characteristic is called _________ |
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Divisibility |
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Durability |
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Fungibile |
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Portable |
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Store of Value |
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59.
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When Governments corrupt their currency which of the following is NOT true. |
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Prices of goods and services become cheaper |
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The supply of paper currency increases |
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The quality of their gold or silver coins is debased |
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The value of their currency declines |
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Economic uncertainty and ultimately turmoil ensues |
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60.
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When ever an economic crisis occurs which of the following will NOT be true. |
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The money will have been coruppted |
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The government will be recognized as the real source of the problem |
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The public will look to the government for solutions |
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The only options will be to either default on the debt or continue the inflation |
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Money or free markets will be blamed for the crisis |
|
61.
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Which of the following statements is TRUE regarding the early existance of standardized coinage/ |
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1) The country of Lydia is one of the places where standardized coinage originated |
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2) Standardized coinage is believed to have originated 580 to 530 bc |
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3). Was a critical factor in the rise of Athens as an Empire |
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Only 1 and 3 are True |
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Only 2 and 3 are True |
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Only 1 and 2 are True |
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All of the above are True |
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None of the above are True |
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62.
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Which is NOT one of the "Seven Stages of Empire"? |
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Growth of a massive military |
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Large amounts of money being spent on public works and social programs |
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Loss of fiath in the currency |
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Debasement of the currency |
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Deflation of the currency |
|
Currency crisis |
|
Sound money |
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War |
|
63.
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According to the video, when an economic crisis finally results do to the corruption of the currency and the people begin to loose faith in the currency and in the government, and fear and panic begin to take over, to what two dangers do the society and the country become extremely vulnerable. |
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1) Civil war |
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2) The rise of a dictator |
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3) A louder cry for 'Collectivism' |
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4) Finding a 'scapegoat' country or other situation to blame |
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5) Over throw of the government |
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1 and 2 |
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2 and 3 |
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3 and 4 |
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4 and 5 |
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2 and 4 |
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3 and 5 |
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64.
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According to the video, in order for maximum prosperity to be achieved 4 conditions need to exist. Which of the following conditions is NOT one of the conditions necessary to achieve maximum prosperity, |
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Individual freedom |
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Free markets and access to them |
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Sound stable money |
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Collectivism |
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Capitalism |
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65.
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There is currently an effort by a newly formed alliance of countries to provide alternatives to the US Dollar as the ONLY reserve currency used in international trade and introduce other currencies that are asset backed that can also be used to conduct international trade. The name of the alliance "BRICS" is formed from the first letters in the names of the countries countries that found the alliance. Those founding countries in "BRICS" alliance are________. |
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Britain, Russia, India, China, Souht America |
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Bolivia, Russia, India, China, South America |
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Brazil, Russia, Indonesia, China, South Africa |
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Britain, Russia, India, Chile, South Africa |
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Brazil, Russia, India, China, South Africa |
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Bolivia, Romania, Iran, Chile, South Africa |
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66.
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The banking system used to handle international trade transactions and money wire transfers is called the ___________ system. |
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Sucre |
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Swift |
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Fast |
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Swap |
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IMF |
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67.
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The Federal Reserve was contracted to expand or contract the supply of a single national currency called _________ . |
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The US Dollar |
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The Federal Reserve Note |
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The US Treasury Note |
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The Federal Reserve Dollar |
|
The Green Back Dollar |
|
68.
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In the video, the following quote appeared: "I have sworn upon the alter of the eternal God eternal hostility against every form of tyranny over the mind of man." Who said this? |
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George Washingtom |
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Benjamin Franklin |
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Andrew Jackson |
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Alexander Hamilton |
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Thomas Jefferson |
|
69.
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The video marked a certain event as very significant in the acceleration of the decline of the US Dollar, that event was _______. |
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1941 Bretton Woods Agreement |
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1971 President Nixon removes gold backing of the US Dollar |
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2000 Iraq sells oil in Euros incited of US Dollars |
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2008 World Finanxial Crisis |
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2010 Iran end oil sales in US Dollars |
|
70.
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The practice whereby banks are able to create new money by being able to create loans equal to 10
times (or more) the amount of their assets and cash that they have on deposit is called _____________ |
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Excess Lending |
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Reserve Lending |
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Reserve Banking |
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Fractional Reserve Lending |
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Fractional Reserve Banking |
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71.
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According to the video there were 4 reason or indicators that there would be a period of "deflation" followed by "hyperinflation". Which of the following is NOT a reason or indicator of this expected phenomenon. |
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Over reaction to the 2008 crisis creating a credit/debt bubble |
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When a "bubble" bursts, what happens is always opposite of what would be the greatest benefit for the most people. |
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The "Baby Boom" Demographic Disaster |
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The Bank Liquidity Cycle |
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The convergence of Cycles |
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72.
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The Convergence of Cycles indicator of coming "deflation" includes all of the following except
_________. |
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The Wealth Distribution Cycle |
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The Stock Market PE Ratio Cycle |
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The Kondratiev Wave |
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The East / West Cycle |
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Household debt as a % of disposal income |
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The Shift in World Monetary System (from asset backed or sound currency to fiat currency) |
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The Volume of Imports to Exports Cycle |
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73.
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The TRUE definition of "Inflation" according to the video is _____________, |
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Rising prices |
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Decrease in the value of the currency |
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An expansion of the currency supply |
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Falling prices |
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Increase of the value of the currency |
|
74.
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Before standardized coinage became the norm in currency commodities were used as mediums of exchange. The video referred to these as "commodity monies". Which of the following was NOT presented in the video as an example of "commodity money"? |
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1) Salt |
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2) Cacao beans |
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3) Whale teeth |
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4) Yak dung |
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5) Cowry shells |
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All but #1 were used |
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All but #4 were used |
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All but #1 and $4 were used |
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ALL were used as examples of commodity monies |
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NONE were used as examples of commodity monies |
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75.
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The tax dollars that we pay are used to _________. |
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Pay for roads bridges and schools |
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Pay the principle and interest pn loans made to the US Treasury by the Federal Revere Bank from an account the has no money. |
|
Pay for Government programs |
|
Pay off the national debt |
|
76.
|
Which of the following is NOT a characteristic of a commodity money? |
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1) Relatively scarce |
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2) Easily recognizable |
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3) Can be divided into smaller parts of equal value |
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4) Pieces have equal value |
|
5) Portable |
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6) A store of value |
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All are True |
|
77.
|
What steps can you take to help to end the systematic enslavement to the current banking system. |
|
Educate yourself |
|
Help to educate others |
|
Encourage other to educate themselves |
|
Share this information with others |
|
All of the above |
|
78.
|
Which of the following statements about MONEY, if any, is TRUE? |
|
Money does not originate with governemnts |
|
Money arises naturally as markets develop |
|
Both are TRUE |
|
Neither is TRUE |
|
79.
|
Which of the following statements, if any, is NOT AS TRUE as the rest about the combining of lesser base metals with gold or silver. |
|
This process allows the government / king to produce more coins |
|
Each coin has a lesser real value relative to the percentage of gold or dilver |
|
This process creates more money |
|
This process creates more currency |
|
The process is called debasement |
|
All are True |
|
80.
|
Which of the following describes the Federal Reserve? |
|
A privately owned bank created in 1913 |
|
A privately held bank created in 1907 |
|
A privately held bank created in 1812 |
|
A US Government run banking agency created in 1913 |
|
81.
|
The Federal Reserve was contracted to expand or contract the supply of a single national currency called _________ . |
|
The US Dollar |
|
The Federal Reserve Note |
|
The US Treasury Note |
|
The Federal Reserve Dollar |
|
The Green Back Dollar |
|
82.
|
Originally the US Dollar was tied to the price of gold set at $35 per ounce until it was removed from the gold standard by ____________. |
|
President Roosevelt in 1933 |
|
Presiden Truman in 1944 |
|
Pewsident Kennedy in 1963 |
|
President Nixon in 1971 |
|
President Carter in 1978 |
|
83.
|
The REAL problem is that...We continue to look to the same Government and banking system to solve our financial problems, foolishly expecting them to change a flawed system that they designed to give themselves the advantage in the first place. |
|
True |
|
84.
|
NEW currency is created by ______________ . |
|
1) Government issued bonds (IOUs) that are purchased bt banks, some of which are sold to the Federal Reserve who pay for them by writing a check (IOU) from an account that has a $0 balance |
|
2) Fractional Reserve Banking which enables the banks to lend 10 times more than they have on deposit |
|
3) The US Treasury printing money |
|
2 and 3 |
|
1 and 3 |
|
1 and 2 |
|
All are True |
|
85.
|
Since 1913 the US Dollar has decreased in value by _________ . |
|
10% |
|
50% |
|
72% |
|
89% |
|
96% |
|
86.
|
Which of the following statements about 2008 financial crisis is NOT True? |
|
The banks who sold these loans received heavy fines and the bankers who sold these loans went to jail. |
|
Banks packaged and sold bad loans to other banks. |
|
$16 trillion in household wealth in the US was lost. |
|
Banks forclosed on approximately 1 million homes in the US |
|
Banks made loan to people that were not qualified based on their ability to repay the loan. |
|
The banks who sold these loans were, for the most part, bailed out by the US Government and the bankers received bonuses. |
|
87.
|
Which of the following statements about a banking law passed by congress in 2014 and NOW in effect, if any, are NOT true? |
|
1) Due to their use in the 2008 financial crisis, banks can no longer create "derivatives" and "credit default swaps" to cover bad loans. |
|
2) Banks will no longer be bailed out by the US Governement for bad loans but can cover these bad loans by taking moey from their depositors accounts without notice. |
|
Both statements are NOT True |
|
Both statements ARE True |
|
88.
|
Throughout history whenever there is a new innovation the same tactics are employed as were experienced with the introduction of the automobile. When ever new innovations arise, those who are currently in power and who are most likely to experience a loss of market share and control will employ several tactics to try to remain in control. Some of those tactics used are _____________. |
|
1) Ridicule the innovation |
|
2) Try to discredit the innovators and destroy public confidence |
|
4) Embrace any innovation that has a real benefit and value for the economy and the public at large |
|
1 and 2, but NOT 3 and 4 |
|
3 and 4 but NOT 1 and 2 |
|
89.
|
Whenever new innovations arise, those in power who would be most suffer a loss in income or market share and power or control will often employ tactics to remain in control, Some of thos tactics are _____________, |
|
1) Ridicule the innovation |
|
2) Try to discredit the innovators and destroy public confidence |
|
3) Try to influence law makers to pass laws that would regulate, restrict, tax or otherwise make difficult for the innovation to succede. |
|
4) Embrace any innovation that has a real benefit and value for the economy and the public at large |
|
1 & 2, but NOT 3 & 4 |
|
3 & 4 but NOT 1 & 2 |
|
1, 2 & 3 but NOT 4 |
|
4 but NOT 1, 2 & 3 |
|
90.
|
When the automobile was first being introduced to the market, the leaders of certain industries who felt threatened financially by this new innovation, influenced law makers to pass legislation that industries who felt threatened financially by this new innovation, influenced law makers to pass legislation that would regulate or otherwise make it difficult for the emerging auto industry. Which industry or industries in the list fought the introduction of the automobile. |
|
1) Telegraph |
|
2) Railroad |
|
3) Horse breeders |
|
4) Stage Coach |
|
5) Wagon and buggy makers |
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1 and 3 |
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2 and 5 |
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2 and 4 |
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3 and 5 |
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91.
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When Gutenberg invented the printing press, rulers and those in political power along with the Catholic Church tried to prevent its use in order to protect the public from dangerous ideas. Which of the following statement about that era are NOT TRUE? |
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1) Use of the printing press and the book and documents produced were taxed heavily. This made books very expensive so that many people could not afford them. |
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2) Some countries made printing a crime punishible by death |
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3) Before the printing press the were estimated only 30,000 books world wide |
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4) 15 years after the printing press there were estimated over 10 million books world wide |
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2 and 3 are NOT True |
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All are True |
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92.
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Which of the following statements about Bitcoin are NOT true. |
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Bitcoin is based on mathematical truths which stand alone. |
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Bitcoin is both digital currency and computer software. |
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bitcoins are virtual currency (digital money) created, stored, exchanged, and transferred entirely and exclusively on the Bitcoin network. |
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The Bitcoin is a software program and protocol running thousands of computers around the world on a shared network connected via the internet |
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Although very difficult, bitcoins can be corrupted or counterfitted. |
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Bitcoins cannot be controlled bu any one government, individual, business or financial entity. |
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bitcoin transaction are recorded in a public ledger distributed and duplicated on each computer on the Bitcoin network that is called the Blockchain,. |
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93.
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Bitcoin and other forms of money have all the same identifiable qualities except _____________ |
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divisibility into smaller units of equal value |
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Portability |
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Limited in quantity |
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Recognizable |
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The can be stored securely in a safety deposit box |
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Their value depends on both acceptance and, the factors of supply & demand |
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94.
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Which of the following statements regarding bitcoin and other REAL cryptocurrencies are NOT TRUE? |
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Their value cannot be debased by creating more. |
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Because governments cannot control it, and it is currently untraceable in the banking system, it may not be directly subject to taxes until converted to local currency. |
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There a little, if any transaction fees. |
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Transactions with bitcoins and other cryptocurrencies are are TOTALLY anonymous.. |
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There can be NO charge backs |
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They work like electronic cash. |
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All are True |
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95.
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It is estimated that there are approximately _________ people in the world without a bank account/ |
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500 million |
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1 Billion |
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1.5 Billion |
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2 Billion |
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2.5 Billion |
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3 Billion |
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5 Billion |
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96.
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With bitcoin or other cryptocurrencies and internet access, a mobile phone can effective become a "bank" with access to the global market place from virtuall anywhere in the world. T/F |
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True |
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False |
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97.
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Which of the following statements about sending money around the world with bitcoin or other cryptocurrencies, if any, is NOT TRUE? |
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It is faster |
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It is less complicated |
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It is cheaper |
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It is accepted any where in the world |
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All are True |
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98.
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A concern with a bitcoin or other cryptocurrency wallet is the same as with a traditional bank account, that the government or the IRS can freeze your account or seize funds from your account at any time. T/F |
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True |
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False |
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99.
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The Blockchain technology upon which cryptocurrencies have evolved with it unique transaction identification quality could have many more real world applications. In which of the following industries could we see this technology used in the future.? |
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Mortgage and financing |
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Land and deed yiyles |
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Legal contracts |
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Automobile titles and other "proof of ownership" application |
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All of the above |
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100.
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Which of the following attributes of bitcoin or Blockchain transactions is NOT accurate? |
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Global access |
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Secure |
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Nearly instant |
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Very low or no cost tranactions |
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Accepted in all countries |
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All are accutate |
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101.
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Which of the following does NOT represent a realistic future possibility with cryptocurrency or Blockchain technology? |
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1) Payments without middlemen |
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2) Investments without a broker |
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3) Loans without a bank |
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4) Insurance without an underwriter |
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5) Escrow without an agent |
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All are realistic possibilities |
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2 and 4 |
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3 and 5 |
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|
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